POLITICAL ACTION CALL: Time For Players/Fans To Help..

Bigsmc · #1 09-18-2008, 07:35 PM

On it.

joeydb · #2 09-19-2008, 07:50 AM

I just used the link to send to my congressman also.

Joe

Holland Hacker · #3 09-19-2008, 12:28 PM

Done & will forward to some friends as well.

booner · #4 09-19-2008, 01:08 PM

Thanks for the explanation and help.

GPK · #5 09-19-2008, 01:14 PM

Giddy up...I'm in.

zippyneedsawin · #6 09-19-2008, 02:05 PM

Done. I told my rep to raise it to 50% to help the stock market... not.

DogsUp · #7 09-19-2008, 02:12 PM

I am in the minority here, but I do not feel that the law needs to be changed. I feel that the 25% is fair. I certainly understand both sides of the debate here. But, I take the position that the 25% is fair and adequate.

DogsUp · #8 09-19-2008, 02:21 PM

Quote:

Originally Posted by GBBob

As I understand it, the rate isn't in question but rather when it's deducted. Racing is the only form of gambling that pays you in the already reduced form thus automatically lowering it's available handle and churn. If you win a milion bucks on a river boat, they pay you in full and then send you the documents so you square up when you file your return.

I disagree with the method that taxes should be left up to the person to file. Take the taxes up front to avoid any sort of potential tax fraud by the winner. This is just my opinion.

DogsUp · #9 09-19-2008, 02:46 PM

Quote:

Originally Posted by DaHoss9698

Fair? How so?

If I go to the track Monday through Thursday and bet $1000 a day and lose, by Friday I'm down $4000. So, on Friday I go and invest another $1000 only this time I hit a pick 4 and it pays $5100. I end up with a profit of $100 for the week. I'd have no problem paying 25% on that $100. The problem is, I'd have to pay 25% on the $5,100 hit I made. So my $100 profit for the week just became a loss after uncle Sam takes their unfair cut. Again, what's fair about it?

I took that almost word for word from Exotic betting. I'm not this smart.

In your scenario, you have wagered $5000 and won $5100. $1275 was deducted from the $5100 (if my math is right). You are able to deduct your losses equal to the amount of your winnings. So you are able to deduct $5100 for losses and claim income of $5100 from your winnings. However, $1275 has already been deducted from your winnings so you have overpaid this portion by $1275. Now my philosophy could be wrong here, but I think this is how it would work.

The gov't is going to get theirs, I would prefer that the law to be that it is paid upfront is all.